CTS Names CEO as Part of Management Transition Plan

    ELKHART, Ind.--Sept. 10, 2001--CTS Corporation announced today that its Board of Directors had named Donald K. Schwanz to succeed Joseph P. Walker as Chief Executive Officer upon Mr. Walker's retirement later this year.
    Schwanz is currently CTS' President and Chief Operating Officer. Before joining CTS, Schwanz, 57, was President of Honeywell's Industrial Control Business, which had almost $3 billion of revenue worldwide. He was elected to the CTS Board last June.
    Walker, who has been CTS' Chief Executive Officer since 1988, will retire from that post September 30, but will remain as Chairman of the Board until year end when it is expected that Donald Schwanz will be named Chairman, in addition to being CEO.
    "When we were able to convince Don to join CTS, we were hopeful that he would fit into our culture. That fit and his performance have been even better than expected, and I am very confident in turning over the reins to him, and that CTS will flourish under his leadership," Walker said.
    "Joe has done a superb job as CEO these past 13 years, positioning CTS for success in high- growth markets and delivering value for the stakeholders. Those are big shoes to fill. We are fortunate that his counsel and expertise will still be available to CTS. I am deeply honored by the Board's decision to elect me to succeed Joe, and am highly appreciative of his continuing support to assure a seamless transition," said Schwanz.